By Kelly Werthmann
DENVER (CBS4) – A new survey shows that a neighborhood in northeast Denver is number one suburban housing hot spot. According to realtor.com, Montbello is hottest suburb not just in Colorado, but the entire country.
The website looked at 50 metropolitan areas in the nation and compared household growth, listing price growth and housing supply and demand to compile their list. The website said home prices in Montbello have appreciated more than 20 percent over three years. Homes for sale in the neighborhood typically spend less than 20 days on the market, which is much lower than the 40-day average.
“I think it’s because of the airport and how close we are to the airport,” Rickey Patridge, a 20-year resident of Montbello, told CBS4.
Proximity to thriving urban centers was another factor when making the hotspot list. Experts say new restaurants and businesses like the nearby Stanley Marketplace are driving the market.
“People who are wanting to live near that part of town are going to be looking at the Montbello neighborhood because it’s going to be the only affordable frontier for them,” Alex Tooke, owner of Peak Properties, said.
It wasn’t that long ago when the Northeast Denver neighborhood took a punch in the gut during the foreclosure crisis. Tooke said that might actually be part of Montbello’s current market success.
“I think the fact that it had a high number of foreclosures is now playing to its strength because it’s now catching up to the market,” he said. “It is really providing the great economic boost for those who are still looking for a home in the metro area.”
Though Montbello did not come out on top for household growth, it has become one of the few affordable neighborhoods in the city. Average home costs hover near $270,000, which is significantly less than Denver’s more than $500,000 average.
“It’s nice to know there’s some good deals still to be had out there,” Tooke said.
Suburbs in Dallas and San Francisco are next on the list of hot housing markets.
Kelly Werthmann joined the CBS4 team in 2012 as the morning reporter, covering national stories like the Aurora Theater Shooting and devastating Colorado wildfires. She now anchors CBS4 Weekend Morning News and reports during the week. Connect with her on Facebook or Twitter @KellyCBS4.